[StBernard] According to LRA figures - taxes

Westley Annis westley at da-parish.com
Sun Apr 29 14:59:12 EDT 2007

Yeah, but Westley, I guess what I'm saying is if you filed and claimed an
uncompensated loss on taxes for 2005 on the property and then are issued the
grant, which compensates you for the loss, you can't have both.

I haven't followed this that closely because it was not germane to our
situation. Insurance and such was in parent's name only. She only receives
Soc. Security so she really didn't have any "income" to offset. Talked to a
couple of CPAs and it appeared to be something she could not take advantage
of. That being said, once she receives an award from the LRA, she should
not have to deal with any portion of that grant being taxable. At least I



Let's think this through.

House was valued at $160,000, now worth $6,000, for a loss of
Write that off over several years, since I don't know how to turn a
cattle future into $100,000.

LRA finally, after two years, buys the property for $150,000.

It could be a $144,000 gain in the IRS eyes. But, considering the
people who are going to that mythical $144,000 is the former
company, I don't really see how it could be considered a gain.
when you consider, for the seven years I paid on the house, I was
paying mortgage insurance, which means even if I defaulted on the
the bank would still get their money.

So, I've spent roughly $4,500 over seven years paying for mortgage
insurance, the bank gets paid in full, and I still have to pay
$25,000 to
the IRS. Somehow it just doesn't look like I gained a damn thing
more headaches, heartaches, and desire to shoot anybody associated
with the

Sounds like a politician/bureaucrat to me. Stealing the money out of
pocket the whole time he's saying how sorry he is for my plight.


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